Wall Street has greeted the inaugurations of Joe Biden and Kamala Harris with another record-breaking performance on Wednesday, adding to the surge that has driven stocks to new highs since the November 3 poll wins.
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After four years of no-touch regulation under Donald Trump, American financial markets have suddenly realised they face four years of close attention from a bunch of new overseers promoted by President-elect Joe Biden.
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With Joe Biden sworn in as America’s 46th president on Wednesday, he needs to shift the focus from his predecessor’s graceless departure to the huge economic challenge ahead.
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Credit rating group, Moody’s has given an upbeat and thumbs up approval for the Biden package. Moody’s chief economist, Mark Zandi reckoned it will boost US growth this year to 5% or better, and the same in 2022.
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President-elect Joe Biden will ask Congress to spend $US1.9 trillion on a new economic rescue plan as the pace of COVID-19 infections and deaths shows no sign of easing soon and the US economy starts tipping towards another slowdown.
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The US election has significant potential to add to volatility in investment markets. A Trump victory will mean more of the same and would likely initially be more positive for US than global and Australian shares. By contrast a Biden victory may add to short-term volatility but this is likely to be short-lived as there is no reason to expect a weaker economy and hence share market under a Biden presidency and he is likely to take a less disruptive approach to trade and foreign policy.
Read MoreThere’s only one thing that matters this week: the US Presidential election. And we are in the topsy turvy world where the markets, and business people, are worried that the Republicans might win … because their candidate is one Donald Trump, who could do anything, and probably will.
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